Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

HD Hyundai Marine Solution  / Equity Capital Markets

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>On the IPO front, the focus remained on <a href="https://www.smartkarma.com/entities/hd-hyundai-marine-solution-co" target="_blank" data-smartkarma-citation="entities:41002:1" rel="noopener">HD Hyundai Marine Solution (443060 KS)</a>, even as <a href="https://www.smartkarma.com/entities/sichuan-baicha-baidao-industrial" target="_blank" data-smartkarma-citation="entities:40029:1" rel="noopener">Sichuan Baicha Baidao Industrial</a> is gearing up to launch its IPO. </li>
<li>On the placement front, there were deals across India, South Korea and Australia.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
On the IPO front, the focus remained on HD Hyundai Marine Solution (443060 KS), even as Sichuan Baicha Baidao Industrial is gearing up to launch its IPO. 
On the placement front, there were deals across India, South Korea and Australia.


ECM Weekly (15th Apr 2024) - Hyundai Marine, Bharti, Kayou, Zeekr, ChaPanda, Samsung, WT Micr, Sompo

External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>GLAND (Ex-Cenexi) registered consistent revenue growth of 49.5% YoY, maintaining EBITDA margins of ~34%, which is in line with preceding quarters.</li><li>The acquired company – Cenexi reported revenue of Rs 364 Cr (-18% QoQ), EBITDA loss of –Rs 72 Cr, and EBITDA margins of -19.8% YoY.</li><li>Cenexi Margins are impacted by a one time loss incurred owing to increased inventory and manpower overheads in the last quarter. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

GLAND (Ex-Cenexi) registered consistent revenue growth of 49.5% YoY, maintaining EBITDA margins of ~34%, which is in line with preceding quarters.The acquired company – Cenexi reported revenue of Rs 364 Cr (-18% QoQ), EBITDA loss of –Rs 72 Cr, and EBITDA margins of -19.8% YoY.Cenexi Margins are impacted by a one time loss incurred owing to increased inventory and manpower overheads in the last quarter. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Gland Pharma Ltd - Operating Losses in Subsidiary; Maintain HOLD

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/gland-pharma-ltd" target="_blank" data-smartkarma-citation="entities:29723:1" rel="noopener">Gland Pharma Ltd (GLAND IN)</a> reported mid-single-digit revenue and EPS growth in its base business (ex-Cenexi) during 9M FY24. The company is confident to end FY24 on a high note.</li>
<li>Gland Pharma starts FY25 on a strong note with gaining U.S. approval for eribulin mesylate injection, used for breast cancer that has spread to other parts of the body.</li>
<li>Over the next 12–15 months, Gland Pharma is poised for enhanced geographical foot-print in Europe through Cenexi. The addressable CDMO business opportunity is estimated at €4B.</li>
</ul>



Gland Pharma Ltd (GLAND IN) reported mid-single-digit revenue and EPS growth in its base business (ex-Cenexi) during 9M FY24. The company is confident to end FY24 on a high note.
Gland Pharma starts FY25 on a strong note with gaining U.S. approval for eribulin mesylate injection, used for breast cancer that has spread to other parts of the body.
Over the next 12–15 months, Gland Pharma is poised for enhanced geographical foot-print in Europe through Cenexi. The addressable CDMO business opportunity is estimated at €4B.


Gland Pharma Ltd (GLAND IN): Business Recovery Seems To Be Overlooked by Mr. Market

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Gland Pharma (GLAND) has seen an encouraging revival in its business performance in 9MFY24 after a weak FY23. </li><li>The revival in sales in the company’s core markets has been driven by new launches and the relaunch of certain products.</li><li>With the resolution of supply chain issues, we believe that GLAND is expected to clock a 16% CAGR in sales to INR33b compared to a modest 2% sales CAGR over FY22-24. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Gland Pharma (GLAND) has seen an encouraging revival in its business performance in 9MFY24 after a weak FY23. The revival in sales in the company’s core markets has been driven by new launches and the relaunch of certain products.With the resolution of supply chain issues, we believe that GLAND is expected to clock a 16% CAGR in sales to INR33b compared to a modest 2% sales CAGR over FY22-24. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Gland Pharma - Performance in Revival Mode; Valuation Attractive

<ul><li>GLAND’s base business (Ex Cenexi) registered consistent revenue growth of 17.0% YoY, in Q3FY24.</li><li>It maintained EBITDA margins of ~34%, which is in line with preceding quarters.</li><li>The said growth was led by volume growth in the existing portfolio, new launches and milestone income. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

GLAND’s base business (Ex Cenexi) registered consistent revenue growth of 17.0% YoY, in Q3FY24.It maintained EBITDA margins of ~34%, which is in line with preceding quarters.The said growth was led by volume growth in the existing portfolio, new launches and milestone income. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Gland Pharma Ltd - Operating Lossese in Subsidiary; Maintain HOLD

India

Gland Pharma is a leading pharmaceutical company specializing in the manufacturing and marketing of complex injectables, operating primarily under a business-to-business (B2B) model. The company provides contract development and manufacturing organization (CDMO) services and out-licenses its generic injectable portfolio globally. Headquartered in Hyderabad, India, it was founded in 1978.

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Gland Pharma (GLAND IN)

ECM Weekly (15th Apr 2024) - Hyundai Marine, Bharti, Kayou, Zeekr, ChaPanda, Samsung, WT Micr, Sompo

Yesterday it was Sompo's turn to provide an update on its cross-shareholding plans. It plans to sell atleast JPY600bn (US$4bn) worth of shares over...

Sumeet Singh

Gland Pharma Ltd - Operating Losses in Subsidiary; Maintain HOLD

GLAND (Ex-Cenexi) registered consistent revenue growth of 49.5% YoY, maintaining EBITDA margins of ~34%, which is in line with preceding quarters.

Axis Direct

Gland Pharma Ltd (GLAND IN): Business Recovery Seems To Be Overlooked by Mr. Market

Gland Pharma reports steady growth in base business and is confident to end FY24 on high note. While the US will remain main growth driver, the...

Tina Banerjee

Gland Pharma - Performance in Revival Mode; Valuation Attractive

Gland Pharma (GLAND) has seen an encouraging revival in its business performance in 9MFY24 after a weak FY23. The revival in sales in the...

Motilal Oswal

Gland Pharma Ltd - Operating Lossese in Subsidiary; Maintain HOLD

GLAND’s base business (Ex Cenexi) registered consistent revenue growth of 17.0% YoY, in Q3FY24. It maintained EBITDA margins of ~34%, which is in...

Axis Direct

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ECM Weekly (15th Apr 2024) - Hyundai Marine, Bharti, Kayou, Zeekr, ChaPanda, Samsung, WT Micr, Sompo

Yesterday it was Sompo's turn to provide an update on its cross-shareholding plans. It plans to sell atleast JPY600bn (US$4bn) worth of shares over...

Sumeet Singh

Gland Pharma Ltd - Operating Losses in Subsidiary; Maintain HOLD

GLAND (Ex-Cenexi) registered consistent revenue growth of 49.5% YoY, maintaining EBITDA margins of ~34%, which is in line with preceding quarters.

Axis Direct

Gland Pharma Ltd (GLAND IN): Business Recovery Seems To Be Overlooked by Mr. Market

​Gland Pharma reports steady growth in base business and is confident to end FY24 on high note. While the US will remain main growth driver, the...

Tina Banerjee

Gland Pharma - Performance in Revival Mode; Valuation Attractive

Gland Pharma (GLAND) has seen an encouraging revival in its business performance in 9MFY24 after a weak FY23. The revival in sales in the...

Motilal Oswal

Gland Pharma Ltd - Operating Lossese in Subsidiary; Maintain HOLD

GLAND’s base business (Ex Cenexi) registered consistent revenue growth of 17.0% YoY, in Q3FY24. It maintained EBITDA margins of ~34%, which is in...

Axis Direct

Gland Pharma reports steady growth in base business and is confident to end FY24 on high note. While the US will remain main growth driver, the...